S 3865
Paycheck Protection Program Second Chance Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Paycheck Protection Program Second Chance Act, aims to make it easier for certain small businesses to qualify for Paycheck Protection Program (PPP) loans. It allows businesses to still be eligible if an owner has a prior arrest or conviction for non-financial crimes, unless the owner is currently incarcerated or has been convicted of a financial fraud or deception within the past five years. The bill also allows the Small Business Administration Administrator to make exceptions to the fraud conviction rule. Finally, the bill requires the SBA to update its rules to reflect these changes.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Rob Portman
Cosponsors
Benjamin L. Cardin
Cory Gardner
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